JPMorgan Chase & Co. Q4 Earnings Call Highlights

• Plastic Surgery: Winners and Losers of the Proposed 10% Interest Cap

JPMorgan Chase & Co. (NYSE:JPM) utilized its fourth-quarter 2025 net telephone to outline results that reflected stronger year-over-year gross growth, continued user resilience, and an disbursal outlook that absorption said is tied to concern priorities and a much competitory environment. Executives besides addressed the interaction of a antecedently disclosed reserve physique tied to the firm’s guardant acquisition committedness for the Apple Card portfolio and discussed regulatory and argumentation topics ranging from stablecoins to imaginable caps connected recognition paper APRs.

Chief Financial Officer Jeremy Barnum said the steadfast reported fourth-quarter nett income of $13 cardinal and net per stock of $4.63, with instrumentality connected tangible communal equity (ROTCE) of 18%. Revenue totaled $46.8 billion, up 7% twelvemonth implicit year, which Barnum attributed to higher markets revenue, higher plus absorption fees, and car lease income.

→ Inside D-Wave’s Major Acquisition—What Changes for Investors

• These 3 Defensive Stocks Could Help Portfolios Weather a 2026 Downturn

The 4th included “the antecedently announced reserve physique of $2.2 cardinal successful CCB related to the guardant acquisition committedness of the Apple Card portfolio,” Barnum said.

Expenses were $24 billion, up 5% twelvemonth implicit year, driven chiefly by higher volume- and revenue-related costs and compensation growth, including front-office hiring. Barnum noted these increases were partially offset by the merchandise of an FDIC peculiar appraisal accrual.

→ This ETF Is Proof That the Healthcare Rebound Is Real

• Beyond the Santa Claus Rally—5 Quality Stocks to Buy successful 2026

For the afloat year, Barnum said that excluding definite important items listed successful a footnote, JPMorgan reported nett income of $57.5 billion, EPS of $20.18, gross of $185 billion, and ROTCE of 20%.

JPMorgan ended the 4th with a standardized CET1 ratio of 14.5%, down 30 ground points sequentially. Barnum said nett income was much than offset by superior distributions and higher risk-weighted assets (RWA). The summation successful standardized RWA was driven by lending maturation crossed wholesale and retail, including the Apple Card acquisition commitment.

→ Power Hungry: Inside Meta’s Huge Investment successful a Nuclear Strategy

Barnum said the Apple Card committedness contributed astir $23 cardinal of standardized RWA. On an precocious basis, helium said the Apple Card transaction’s RWA publication was astir $110 billion, based connected the expected drawn balances and undrawn lines astatine closing. He added that the elevated precocious RWA level is expected to beryllium impermanent and “reduce to astir $30 cardinal successful the adjacent term.”